Indo-MIM IPO closes with over 72x subscription on Day 3, QIB portion booked 204x; GMP at 39%

Published 27 July 2026 · finance

Indo-MIM's Rs 3,811.21-crore initial public offering (IPO) attracted robust investor demand on the third and final day of bidding on Monday, with the issue closing

Indo-MIM's Rs 3,811.21-crore initial public offering (IPO) attracted robust investor demand on the third and final day of bidding on Monday, with the issue closing for public bidding after being subscribed more than 72 times its offer size. The strong momentum has been led by Qualified Institutional Buyers(QIBs), whose quota was booked a whopping 204 times, while the retail investor portion was subscribed nearly 7 times.Adding to the optimism, the company's shares are commanding a grey market premium (GMP) of around Rs 190, implying a potential listing gain of nearly 39% over the upper end of the IPO price band.The Rs 3,811.21-crore IPO comprises a fresh issue of 1.03 crore equity shares worth Rs 499.10 crore and an Offer for Sale (OFS) of 6.83 crore equity shares aggregating Rs 3,311.21 crore by existing shareholders.Indo-MIM IPO GMP TodayIndo-MIM IPO is witnessing strong traction in the grey market, signaling upbeat investor sentiment ahead of its listing. The Grey Market Premium (GMP) has climbed to Rs 190, indicating a potential listing gain of nearly 39% over the IPO's upper price band of Rs 485 per share.If the current grey market trend sustains and broader market conditions remain supportive, Indo-MIM shares could debut at around Rs 675 apiece. While the GMP reflects positive market expectations, investors should note that it is an unofficial indicator and not a guarantee of listing-day performance.Disclaimer: The Grey Market Premium (GMP) is based on unofficial market activity and speculative demand. It should not be considered a reliable indicator of the IPO's listing price or the company's future stock performance.Indo-MIM IPO Subscription StatusIndo-MIM IPO continued to attract robust investor interest on Day 3, with the issue subscribed more than 72 times against the 5.51 crore shares on offer.Retail Individual Investors (RIIs): Subscribed 6.67 times against the 2.74 crore shares reserved.Non-Institutional Investors (NIIs): Subscribed 50.63 times against the 1.17 crore shares allocated.Qualified Institutional Buyers (QIBs): Subscribed 204.34 times against the 1.56 crore shares reserved.Indo-MIM IPO DetailsIndo-MIM's Rs 3,811.21-crore IPO comprises a fresh issue of equity shares worth Rs 499.10 crore and an Offer for Sale (OFS) of Rs 3,311.21 crore by existing shareholders.The IPO has been priced in the Rs 461-485 per share band.

Investors can apply for a minimum lot size of 30 shares, requiring a minimum investment of Rs 14,550 at the upper end of the price band.The basis of allotment is expected to be finalized on July 28, 2026, while the company's shares are likely to be listed on the BSE and NSE on July 30, 2026, subject to the successful completion of the issue.The public issue is being managed by HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets as the book-running lead managers, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.Indo-MIM IPO: How Will the Company Use the IPO Proceeds?From the Rs 499.10 crore to be raised through the fresh issue, Rs 400 crore will be utilized to repay or prepay, either fully or partially, certain outstanding borrowings. The remaining funds will be allocated toward general corporate purposes, strengthening the company's balance sheet and supporting its business operations.About Indo-MIMFounded in 1996, Indo-MIM Ltd. is one of the world's leading manufacturers of precision engineering components using Metal Injection Molding (MIM) technology. The company offers end-to-end manufacturing solutions, covering mold design, tooling, machining, finishing and assembly.In addition to MIM, Indo-MIM has expanded its capabilities through advanced manufacturing technologies such as investment casting, precision machining, ceramic injection molding and 3D metal printing, enabling it to serve a diverse range of industries.During FY26, the company manufactured more than 6,400 products for sectors including automotive, defence, medical devices, consumer goods and aerospace.Financial performanceIndo-MIM delivered a robust financial performance in FY26, backed by healthy growth in revenue and earnings. Total income rose 28.1% year-on-year to Rs 4,320.70 crore from Rs 3,373.97 crore in FY25. Profit after tax (PAT) increased 25.9% to Rs 533.54 crore in FY26 from Rs 423.73 crore in the previous year.Should you subscribe?Anand Rathi research believes Indo-MIM's valuation is justified given its leadership in the global Metal Injection Moulding (MIM) industry.